Please confirm me if an assessee have income from other sources aounting to Rs. 40000/- & Capital Gain of Rs. 190000/- so his total income is Rs. 230000/- the tax will be levied on 70000/- at 20% only na?????????????/ its a long term capital gain on property nw can u plz suggess......................
4 Replies
Pankaj Arora
(Learner)
(3134 Points)
Replied 29 March 2011
YES tax will be payable on Rs. 70000/- and 10 % tax rate
M. N. JHA
(CA)
(8316 Points)
Replied 29 March 2011
Capital Gain of190000/-
PLS EXPLAIN This......i.e. it is short term or long term and it is from listed securities or any other way
Rahul Agarwal
(Future CA)
(217 Points)
Replied 29 March 2011
Question is vague.
Pls provide details regarding Capital Gain.
praveen
(Chartered Accountant)
(6971 Points)
Replied 29 March 2011
70000 income is correct as stated by GN JHA the type of gain is required for specifying the rate. It cannot be 10% it has to be either 15% or 20% or 30%
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